Core Viewpoint - The company, Jincheng Mining Management Co., Ltd., is set to hold a half-year performance briefing on September 5, 2025, to discuss its operational results and financial status for the first half of 2025, following the release of its semi-annual report on August 26, 2025 [2][3]. Group 1: Event Details - The investor briefing will take place on September 5, 2025, from 15:00 to 16:00 [7]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Investors can submit questions for the briefing from August 29 to September 4, 2025, through the Roadshow Center or via the company's email [5][6]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [5][6]. - The company will address commonly asked questions during the briefing, ensuring transparency and engagement with investors [3][4]. Group 3: Contact Information - For inquiries, investors can contact the company's board office via phone at 010-82561878 or email at jchxsl@jchxmc.com [8].

| 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-071 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | 金诚信矿业管理股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 9 月 5 日（星期五）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 1、会议召开时间：2025 年 9 月 5 日（星期五）15:00-16:00 2、会议召开地点：上证路演中心（网址：http://roadshow.sseinfo.com/） 3、召开方式：上证路演中心网络互动 三、参加人员 公司董事长、财务总监、董事会秘书、独立董事。 四、投资者参加方式 投资者可于 2025 年 8 月 29 日（星期 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company reported a revenue of 6.32 billion yuan for H1 2025, representing a year-on-year increase of 47.8%, and a net profit attributable to shareholders of 1.11 billion yuan, up 81.3% year-on-year [1][5] - The copper mining business showed significant growth, with a production of 21,900 tons in Q2 2025, a quarter-on-quarter increase of 25.4% [2] - The mining services segment is expected to continue its growth trajectory, supported by new large contracts [3] Resource Business Summary - The resource business achieved a revenue of 2.91 billion yuan in H1 2025, a year-on-year increase of 238.0%, with a gross profit of 1.39 billion yuan, up 276.8% [2] - The gross margin for the resource business was 47.7% [2] - Future growth is anticipated from projects like the Lubanbi copper mine and the San Matias project in Colombia [2] Mining Services Business Summary - The mining services revenue for H1 2025 was 3.32 billion yuan, a slight increase of 0.6% year-on-year, but the gross profit decreased by 17.3% to 770 million yuan [3] - The decline in gross profit was attributed to the transition of the Lubanbi mining project to internal management and the early-stage operations of Terra Mining [3] - A significant contract worth approximately 805 million USD is expected to bolster future performance in the mining services segment [3] Profit Forecast - The company is projected to have EPS of 3.71, 4.28, and 4.99 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16, 14, and 12 [3][4]

Company Overview - Jincheng Mining Management Co., Ltd. is located in Fengtai District, Beijing, and was established on January 7, 2008. The company was listed on June 30, 2015. Its main business includes mining engineering construction, mining operation management, mining design, and technology research and development [1][2]. Financial Performance - For the period from January to June 2025, Jincheng achieved operating revenue of 6.316 billion yuan, representing a year-on-year growth of 47.82%. The net profit attributable to shareholders was 1.111 billion yuan, reflecting an increase of 81.29% year-on-year [2]. - Since its A-share listing, Jincheng has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed over the past three years [3]. Stock Performance - As of August 28, Jincheng's stock price increased by 2.01%, reaching 60.97 yuan per share, with a trading volume of 369 million yuan and a turnover rate of 0.99%. The total market capitalization is 38.032 billion yuan [1]. - Year-to-date, Jincheng's stock price has risen by 70.07%, with a 12.93% increase over the last five trading days, a 28.93% increase over the last 20 days, and a 56.13% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, Jincheng had 16,600 shareholders, a decrease of 13.57% from the previous period. The average number of circulating shares per person increased by 15.70% to 37,570 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder, holding 13.8932 million shares, a decrease of 16.2626 million shares compared to the previous period [3]. Business Segmentation - The revenue composition of Jincheng's main business includes: mining operation management (44.45%), sales of copper products and phosphate rock (32.28%), mining engineering construction (20.15%), and other services (1.90%) [1].

Investment Rating - The report maintains a "Recommended" rating for the company [2][11]. Core Views - The company's mining resource development business has shown explosive growth, with revenue from this segment increasing by 238.03% year-on-year to 29.12 billion yuan, accounting for 46.11% of total revenue [3][9]. - The company achieved a net profit of 11.11 billion yuan, a year-on-year increase of 81.29%, with basic earnings per share rising by 78% to 1.78 yuan [3][11]. - The mining service business remains stable, with a revenue of 33.22 billion yuan, maintaining a high-quality development despite a slight decline in gross profit due to various operational challenges [4][10]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 63.16 billion yuan, a year-on-year growth of 47.82% [3]. - The gross profit from the resource development segment reached 13.88 billion yuan, with a gross margin of 48%, up from 43% in the previous year [9]. - The company’s copper metal production increased by 198% to 39,400 tons, while sales rose by 248% to 43,900 tons [9]. Business Development - The company is involved in 33 large-scale mining engineering and operation management projects, with significant achievements in both domestic and international markets [4]. - New contracts worth 7.1 billion yuan were signed in the first half of the year, including projects in Zambia and Botswana, marking a breakthrough in the African market [4]. - The company is progressing with expansion projects, expecting to significantly increase copper and phosphate production capacities in the coming years [9][10]. Market Outlook - The report anticipates continued strong growth in mining capital expenditure, benefiting the company’s main mining service projects and its expanding market share in overseas markets [10]. - The company is projected to achieve revenues of 141.65 billion yuan, 162.94 billion yuan, and 185.35 billion yuan for the years 2025, 2026, and 2027, respectively [11].

Core Insights - QFII has significantly increased its holdings in various stocks, with a total of 850 stocks showing QFII presence, amounting to 4.243 billion shares and a market value of 61.768 billion yuan as of August 28 [1][2] - The electronics sector leads QFII holdings with a market value of 14.646 billion yuan, followed by machinery and non-ferrous metals, each exceeding 5 billion yuan [1] - Five stocks have QFII holdings exceeding 1 billion yuan, with Shengyi Technology leading at 9.55 billion yuan, despite a decrease in QFII shares [2][4] QFII Holdings Overview - QFII has newly entered 471 stocks and increased holdings in 217 stocks during the second quarter, with 33 stocks having a market value exceeding 1 billion yuan [4] - Jianghuai Automobile has the highest QFII holding at 675 million yuan, with UBS Group entering the stock [4] - Stocks like *ST Huike and Haichen Pharmaceutical saw their QFII holdings double, with *ST Huike's holdings increasing over 37 times [6] Joint Holdings with Social Security Fund - A total of 31 stocks are held by both QFII and social security funds, with 13 stocks having a combined holding value exceeding 1 billion yuan [8][9] - Jin Chengxin and Juxing Technology are notable examples, with combined holdings exceeding 2 billion yuan [9] - Jin Chengxin reported a 47.82% increase in revenue, with overseas business accounting for 78.53% of its income [9]

Core Viewpoint - Jin Chengxin (603979.SH) reported significant growth in operating performance for the first half of 2025, with revenue exceeding 6.3 billion yuan and net profit surpassing 1.1 billion yuan, marking historical highs driven by increased production and sales prices in mining resource development [1][2]. Financial Performance - In the first half of 2025, Jin Chengxin achieved operating revenue of 6.316 billion yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 1.111 billion yuan, up 81.29% [2]. - The company's gross profit margin rose to 34.37%, an increase of 3.82 percentage points compared to the previous year, while the net profit margin reached 17.43%, up 2.98 percentage points [3]. - Operating cash flow net amount was 1.726 billion yuan, reflecting a substantial year-on-year growth of 255.08% [6]. Business Segments - Jin Chengxin's revenue from mining services and resource development for the first half of 2025 was 3.322 billion yuan and 2.912 billion yuan, respectively, with the latter showing a remarkable year-on-year growth of 276.83% [3]. - The decline in gross profit from mining services was attributed to the acquisition of Lubambe Copper Mine and the integration of Terra Mining, which affected revenue and profit margins [3]. Market Presence - The company has a strong international presence, with 78.61% of its revenue coming from overseas markets, amounting to 4.965 billion yuan [6]. - Jin Chengxin has been actively expanding its global footprint, particularly in Africa and Eurasia, with significant projects in Zambia and the Democratic Republic of the Congo [5]. Growth Trajectory - Since 2017, Jin Chengxin has consistently achieved double-digit growth in both revenue and net profit, indicating a robust growth trajectory [6]. - As of June 2025, the company's total assets reached 18.414 billion yuan, nearly doubling from 8.684 billion yuan at the end of 2021, while maintaining a stable financial operation with a debt ratio of 45.88% [6].

Summary of Key Points Core Viewpoint - The report provides a detailed overview of the stock holdings and market values of various companies as of the end of the first half of 2025, highlighting significant investments in specific sectors and companies [1]. Group 1: Company Holdings - Shengyi Technology (生益科技) holds 31,676.13 thousand shares with a market value of 955,035.33 thousand yuan [1]. - Zijin Mining (紫金矿业) has 17,346.42 thousand shares valued at 338,255.27 thousand yuan [1]. - Ninebot Company (九号公司-WD) possesses 1,974.93 thousand shares worth 116,856.63 thousand yuan [1]. - Dongfang Yuhong (东方雨虹) holds 9,473.55 thousand shares with a market value of 101,651.19 thousand yuan [1]. - Hengli Hydraulic (恒立液压) has 1,265.52 thousand shares valued at 91,117.27 thousand yuan [1]. - Beixin Building Materials (北新建材) holds 2,921.99 thousand shares worth 77,374.20 thousand yuan [1]. - Jincheng Mining (金诚信) possesses 1,618.59 thousand shares valued at 75,167.36 thousand yuan [1]. - Juxing Technology (巨星科技) holds 2,774.30 thousand shares with a market value of 70,772.37 thousand yuan [1]. - Jianghuai Automobile (江淮汽车) has 1,683.45 thousand shares valued at 67,489.45 thousand yuan [1]. - Baofeng Energy (宝丰能源) holds 3,755.50 thousand shares worth 60,613.72 thousand yuan [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 81.29% in the first half of 2025. The revenue for the same period reached 6.316 billion yuan, representing a 47.82% increase [4] - The resource segment has shown strong performance, with copper metal production increasing by 198.52% year-on-year, reaching 39,400 tons in the first half of 2025. The gross profit margin for this segment improved to 47.68%, up by 4.91 percentage points [5] - The mining service business is expected to grow, with new contracts signed amounting to approximately 7.1 billion yuan in the first half of 2025. The company is expanding its operations in Africa, and the Kamoa copper mine is gradually resuming production [6] Financial Summary - The company achieved a revenue of 7.399 billion yuan in 2023, projected to grow to 12.275 billion yuan in 2025, reflecting a year-on-year growth of 23.5% [7] - The net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 2.358 billion yuan in 2025, with a year-on-year growth of 48.9% [7] - The earnings per share (EPS) is projected to rise from 1.65 yuan in 2023 to 3.78 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 36.2 to 15.8 [7] Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 2.358 billion yuan, 2.641 billion yuan, and 3.381 billion yuan respectively, indicating a positive growth trajectory [4] - The anticipated copper metal production from future projects is expected to reach 150,000 tons, suggesting strong long-term growth potential [5]

Core Viewpoint - The company Jin Cheng Xin (603979) has shown significant growth in its financial performance, with a strong increase in revenue and net profit, driven by its resource sector and mining service business potential, leading to a "buy" rating from analysts [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 6.316 billion yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of approximately 1.111 billion yuan, up 81.29% year-on-year [2]. - The second quarter of 2025 saw a revenue of 3.505 billion yuan, representing a 52.39% increase year-on-year, and a net profit of 689 million yuan, which is a 103.25% increase year-on-year and a 63.30% increase quarter-on-quarter [2]. Resource Sector Growth - The company's resource projects, excluding Lubambe Copper Mine, met production targets, achieving a copper metal output of 39,400 tons, a year-on-year increase of 198.52%, and a phosphate rock output of 174,300 tons, up 6.48% [3]. - The resource sector generated a sales revenue of 2.912 billion yuan in the first half of 2025, a year-on-year increase of 238.03%, with a gross profit of 1.388 billion yuan, up 276.83%, and a gross margin of 47.68%, an increase of 4.91 percentage points year-on-year [3]. Mining Service Business - The mining service business generated a revenue of 3.322 billion yuan in the first half of 2025, with a gross profit of 767 million yuan, a decline of 17.26% year-on-year due to internalization of service revenue from Lubambe Copper Mine and the integration of Terra Mining [4]. - The company signed new and renewed mining service contracts worth approximately 7.1 billion yuan in the first half of 2025, expanding its operations in Africa [4]. - The Kamoa Copper Mine has gradually resumed operations, with mining volumes recovering to about 70% of pre-suspension levels [4].